Rupee sheds 4 paise against US dollar in opening
After opening higher, the rupee shed 3 paise to 65.29 against the US dollar in early trade today despite better-than-expected inflation numbers released yesterday.
The Indian rupee fell 4 paise to 65.30 against the US dollar in opening on Friday despite better-than-expected inflation numbers released yesterday.
Reflecting improvement in the economic situation, industrial production grew by 7.1 percent in February, while key retail inflation slipped to a five-month low of 4.28 percent in March, official data showed yesterday.
The uptick in industrial production has been driven largely by the robust performance of the manufacturing sector coupled with a higher offtake of capital goods and consumer durables.
In India, the USD-INR should benefit in the beginning and trade in a range of 65.20-65.35 against the US dollar, he feels.
Yesterday, the rupee staged an impressive recovery from its five-month low towards the fag-end and closed higher by 5 paise to close at 65.26 against the US dollar.
Anand James Chief Market Strategist at Geojit Financial Services said firm domestic equity markets capped rupee’s fall in the previous session.
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